Discuss How Social Media Can Create a Competitive Advantage

question 43

Essay

Discuss how social media can create a competitive advantage.

Recognize the role of personal contacts, networks, lobbying, and public relations in influencing government decisions.

Understand the limitations of codes of ethical conduct in organizations.

Identify areas regulated by the government in business affairs, specifically in Australia and New Zealand.

Comprehend the concepts of cultural relativism and universalism and their implications for international business operations.

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Definitions:

Tariffs and Quotas

Government-imposed regulations where tariffs are taxes on imported goods, and quotas are limits on the amount of a product that can be imported.

Smoot-Hawley Tariff Act

Legislation passed in 1930 that established very high tariffs. Its objective was to reduce imports and stimulate the domestic economy, but it resulted only in retaliatory tariffs by other nations.

Global Trade War

A situation where countries impose tariffs or other trade barriers on each other in response to trade disputes, leading to reduced international trade.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, leading to high unemployment and significant economic distress.